Friday the 18th this year is something special in the crypto world. Find out what today signifies and how it’s related to bitcoin value. Also, learn some ways to celebrate Friday the 18th!
Today we’re honoring the 18 millionth bitcoin which will be mined today. We also will take time to ponder this amazing cryptocurrency’s scarcity. Bitcoin value is closely linked with the number of bitcoins that can be minted.
One of the reasons bitcoin is so popular is that it is deflationary. What does this mean? Simply put, there will only ever be 21 million bitcoins mined. No entity, be it a corporation, government or central bank, can inflate bitcoin value because of the way that Satoshi Nakamoto designed the Bitcoin Network.
We won’t have to worry about quantitative easement either, as we’ve seen with the USD. Bitcoin’s value will not decrease due to external forces under control by centralized entities. No one is manipulating the value of your coins, other than the bitcoin market, which is open to all.
Bitcoin’s value, along with its inherent scarcity effect, is by nature determined by the perceived value of those people holding 32+ million billion bitcoin wallets. This scarcity is expected to trigger a rise in bitcoin value at the next halving, happening next spring. At that time, the amount of bitcoins awarded for each block is cut in half, according to its schedule. A few more halvings to go and no more mining!
What will happen to bitcoin value now?
After the 18 millionth coin is mined today, the bitcoins that are out there can only grow in value, according to market forces.
Crypto hounds are excited for this special day, marking the 18 millionth bitcoin. Because it really drives home these points about bitcoin scarcity. The less coin available, the hope is that the greater the bitcoin value will be.
So, what are you going to do to celebrate bitcoin’s Friday the 18th? Here are some suggestions:
- Celebrate by buying some bitcoin – there are only 3 million left to mint, ever!
- Revisit the bitcoin whitepaper, share it on social media.
- Comment in crypto Twitter what your favorite thing to do with bitcoin is. Be sure to use the #3MillionLeft hashtag.
- Learn about some of bitcoin’s intricacies here at our blog (see links below).
- Above all, enjoy your bitcoin and know that you are one of the very few bitcoin owners today.
Some reading to up your bitcoin knowledge: